In the event of your death, you will need an executor to take up the responsibility to act on your behalf and see to it that your estate is properly managed, your debts are paid, every required legal process is carried out, including selling your properties that need to be sold, reaching out to creditors and seeing to it that your wish is fully carried out. You can attest to it that this is something important and tough and as such you need someone willing and responsible enough to handle it. This article will work you through what to look out for in choosing the right executor for your estate.
1. Lookout for someone accountable:
The person does not need to be a legal professional, he or she just needs to be someone trustworthy who will be committed to carry out his or her duties reasonably. With a keen interest to see that your wish is fulfilled. This will mean that he or she should be sensitive enough to communicate effectively, hire the right persons for the right jobs, take actions as swiftly as possible, and be tough enough to take decisions even in tough situations. Do not forget that the executor will not work for free hence, should be dutiful as expected of an employee in any place of work.
2. One who is financially balanced:
Some courts do request for an insurance from an executor to pay the beneficiaries should in case he or she runs away. The insurance is known as bonding and if a bonding company thinks your executor is not financially stable and cannot be bonded, the court may likely disqualify your choice for an executor. Hence, someone who is in debt or finds it hard to meet up should not be an option for you as an executor.
3. You should have an alternative:
It is wise to choose at least a younger successor who should act as an executor should anything happen to your first choice, maybe death or he or she chooses not to do the job. You probably may write just one will before you die, however, the age of a will does not invalidate it. Meanwhile, irrespective of the changes that may occur in a lifetime, your younger successor is most likely to outlive you. You can be very clear on this by stating the terms in which your younger successor should act, maybe any of your child at a specific age should act as your executor.
4. Avoid persons who are ineligible:
The executor is going to engage in a lot of legal and formal procedures and courts probably would not accept someone who has a criminal past or that has issues interpreting or applying the law. Likewise, non-citizens of the United States who are not resident in the US cannot be your only executors, and remember felons are not eligible to act as executors. Again, minors cannot act as executors, except you will have to state an acceptable age when they should act if you passed on after then.
5. Someone emotionally stable and can persevere:
You need someone who can manage his or her emotions as there could be rising tension in the event of death. Someone who will serve without conflict of interest showing utmost regards for your wishes. Also, the probate process can be stressful and tiring, court clerks can be annoying and slacking in their duties. As a matter of fact, to be an executor is not an easy task. So, it must be someone willing to give his or her time, ready to be patient with the process and also be able to carry beneficiaries along patiently while being a source of encouragement to them.
6. Avoid a choice who is likely to be biased:
In a situation where you have children who are not in good terms, choosing one over the other is most likely going to slow down the process with interruptions due to personal greviances and even revenge. The executor may deliberately slow down the whole process or may not want his or her rival to benefit from the estate especially if the rival did not take care of their parents when he or she was alive. This becomes more difficult if both parties are the only heirs to the estate. As such it is better to either choose them both as executors to get them to work together or to choose none of them which happens to be the best option.
